Mitek Systems (NASDAQ:MITK) Trading Up 4.5% – What’s Next?

Mitek Systems, Inc. (NASDAQ:MITK)’s share price traded up 4.5% on Wednesday . The company traded as high as $18.18 and last traded at $18.2550. 239,900 shares changed hands during trading, a decline of 73% from the average session volume of 889,069 shares. The stock had previously closed at $17.47.

Analyst Upgrades and Downgrades

Several research firms have commented on MITK. Maxim Group set a $26.00 price objective on Mitek Systems in a research report on Friday, August 7th. Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Zacks Research upgraded shares of Mitek Systems from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Mitek Systems in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $19.33.

Mitek Systems Price Performance

The business has a fifty day moving average of $17.93 and a 200 day moving average of $16.47. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.74 and a quick ratio of 2.74. The stock has a market cap of $802.23 million, a PE ratio of 37.86 and a beta of 0.99.

Mitek Systems (NASDAQ:MITK) last posted its quarterly earnings data on Thursday, August 6th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.06. The company had revenue of $54.04 million for the quarter, compared to the consensus estimate of $50.82 million. Mitek Systems had a return on equity of 19.16% and a net margin of 11.39%. Sell-side analysts anticipate that Mitek Systems, Inc. will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MITK. Sei Investments Co. acquired a new position in Mitek Systems in the first quarter worth about $2,531,000. Pacer Advisors Inc. bought a new position in Mitek Systems during the 1st quarter worth approximately $2,312,000. Anson Funds Management LP acquired a new position in shares of Mitek Systems in the 1st quarter worth approximately $998,000. Bank of New York Mellon Corp bought a new stake in shares of Mitek Systems in the 2nd quarter valued at approximately $5,322,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Mitek Systems in the 1st quarter valued at approximately $411,000. 83.64% of the stock is owned by institutional investors and hedge funds.

About Mitek Systems

Mitek Systems, Inc (NASDAQ:MITK) develops digital identity verification and mobile capture software for financial institutions, fintech companies and other businesses. Its technology helps organizations verify identities, authenticate users and automate the submission and processing of documents and checks through digital channels.

The company’s offerings include mobile check deposit and check-processing solutions, as well as identity verification products that use document recognition, facial biometrics and liveness detection.